The Croatia poverty rate, as measured by
the international line of moderate poverty at dollar 5 in
public-private partnership (PPP) terms, is estimated at 2.8
perce... Show More +nt for 2012. The share of the population at risk of
poverty, based on a higher national and relative poverty
line, also declined substantially prior to the 2008 global
financial crisis, although has subsequently increased
markedly. The global financial crisis, with the loss of
credit, has exposed Croatia's macroeconomic
vulnerabilities. This report shows that without addressing
macroeconomic weaknesses, through sustained fiscal
adjustment and institutional reforms, Croatia will not be
able to reignite higher growth and benefit fully from
European Union (EU) membership, and the quest for future
prosperity may prove elusive. Similarly, without
accelerating structural reforms, especially in the area of
labor market, investment climate, and public sector
efficiency, Croatia will face further stifled
competitiveness and any prospects for recovery of growth and
jobs. Focusing on the fiscal and public sector related
deficiencies, this report systematically analyzes three
interrelated issues to assist the Croatian government in
informing public policy, strengthening macroeconomic
stability, and laying the foundation for a robust recovery:
first, it analyzes Croatia's major fiscal weaknesses,
risks, and alternative fiscal scenarios, and on that basis,
calculates the required fiscal adjustment needed over the
medium term. Second, it analyzes the institutional
weaknesses and requirements for the efficient use of EU
funds in the coming years. Third, the report analyzes the
structure of Croatia's public finances and provides a
blueprint of the fiscal adjustment of around 5 percentage
points of gross domestic product (GDP) over the medium term. Show Less -

Better functioning financial systems
foster economic growth, poverty alleviation; moreover, a
more equitable distribution of economic opportunities
enhances overall... Show More + economic development. It is critical that
financial development leads to inclusive growth. This brings
us to certain key questions: Who benefits from a better
financial system? Does financial development induce an
increase in per capita Gross Domestic Product (GDP) only
because the very rich are getting even richer? Does finance
expand economic opportunities for the bulk of society?
Economic theory suggests that finance shapes the
distribution of economic opportunities. The financial system
affects the degree to which a persons economic
opportunities are defined. It influences who can launch a
new business venture and who cannot, who can acquire
education and who cannot, who can live in a neighborhood
that fosters the cognitive and non-cognitive development of
their children and who cannot, who can pursue ones economic
dreams and who cannot. A more competitive, better
functioning financial system exerts a disproportionately
positive impact on relatively low-income families. According
to the extent that the financial system performs these
functions well, economies tend to grow correspondingly
faster. For example, when banks screen borrowers effectively
and identify firms with the most promising prospects, this
is a first step in boosting productivity growth. When
financial markets and institutions mobilize savings from
disparate households to invest in these promising projects,
this represents a second crucial step in fostering economic
growth. When financial institutions monitor the use of
investments after financing firms and scrutinize their
managerial performance, this is an additional, essential
ingredient in boosting the operational efficiency of
corporations, reducing waste and fraud, and spurring
economic inclusivity. There is a robust positive
relationship between financial development and both poverty
alleviation and reduction in income inequality. It is not
just that finance accelerates economic growth, which
trickles down to the poor; rather, finance exerts a
disproportionately positive influence on lower income
households. Building on the finance and poverty connection,
there is a direct link between finance and human welfare.
When policy reforms foster the development of the financial
system, financial services improve, accelerating economic
growth, which ultimately leads to ending extreme poverty and
boosting shared prosperity. Show Less -

Better functioning financial systems
foster economic growth, poverty alleviation; moreover, a
more equitable distribution of economic opportunities
enhances overall... Show More + economic development. It is critical that
financial development leads to inclusive growth. This brings
us to certain key questions: Who benefits from a better
financial system? Does financial development induce an
increase in per capita Gross Domestic Product (GDP) only
because the very rich are getting even richer? Does finance
expand economic opportunities for the bulk of society?
Economic theory suggests that finance shapes the
distribution of economic opportunities. The financial system
affects the degree to which a persons economic
opportunities are defined. It influences who can launch a
new business venture and who cannot, who can acquire
education and who cannot, who can live in a neighborhood
that fosters the cognitive and non-cognitive development of
their children and who cannot, who can pursue ones economic
dreams and who cannot. A more competitive, better
functioning financial system exerts a disproportionately
positive impact on relatively low-income families. According
to the extent that the financial system performs these
functions well, economies tend to grow correspondingly
faster. For example, when banks screen borrowers effectively
and identify firms with the most promising prospects, this
is a first step in boosting productivity growth. When
financial markets and institutions mobilize savings from
disparate households to invest in these promising projects,
this represents a second crucial step in fostering economic
growth. When financial institutions monitor the use of
investments after financing firms and scrutinize their
managerial performance, this is an additional, essential
ingredient in boosting the operational efficiency of
corporations, reducing waste and fraud, and spurring
economic inclusivity. There is a robust positive
relationship between financial development and both poverty
alleviation and reduction in income inequality. It is not
just that finance accelerates economic growth, which
trickles down to the poor; rather, finance exerts a
disproportionately positive influence on lower income
households. Building on the finance and poverty connection,
there is a direct link between finance and human welfare.
When policy reforms foster the development of the financial
system, financial services improve, accelerating economic
growth, which ultimately leads to ending extreme poverty and
boosting shared prosperity. Show Less -

The objective of the Doing Business
Project is to provide an objective basis for understanding
and improving the regulatory environment for business around
the worl... Show More +d, by looking at domestic small and medium-size
companies and measuring the regulations applying to them
through their life cycle. This DB 2014 report addresses
issues such as minimum capital requirements, and the role of
risk-based inspections in construction, and their relevance,
functions, challenges and implementation. Case studies from
Trinidad and Tobago, Malaysia, Singapore, Colombia and
Azerbaijan, and Korea are discussed in detail, elaborating
on the issues faced, the solutions or outcomes, and
benefits. These sets of case studies examine the investment
climate across economies and its impact on the Ease of Doing
Business and the important role its plays in a country competitiveness. Show Less -

The World Bank Group (WBG) wrote this
report as part of a project designed to assess the
competitiveness of the logistics sector in Greece and to
develop policy rec... Show More +ommendations. The World Bank is carrying
out the project at the request of the Greek Ministry of
Development, Competitiveness, Infrastructure, Transport, and
Networks (currently split into the Ministry of Development
and Competitiveness and the Ministry of Infrastructure,
Transport and Networks). The report is part of a technical
assistance package provided by the World Bank Group to the
Government of Greece on enhancing the business environment
and trade logistics. The package has been facilitated by the
Task Force for Greece (TFGR, an arm of the European
Commission), which arranged the financing from the EC
technical assistance budget. The document is structured in
the following way: First, it provides an overview of the
state of logistics in Greece, comparing the country to its
peers and highlighting some of the important features that
distinguish the country's situation. Second, it
provides detailed, technical observations on specific
aspects of the logistics environment in Greece. Third, the
report describes key actions, drawn from both expert
observations and the working groups' conclusions that
the Greek government may want to undertake to improve its
logistics performance. Finally, in the Annexes it describes
the intensive, consultation process that is allowing key
stakeholders within the business and policy-making
communities in Greece to provide inputs for a national
logistics strategy. Show Less -

This report describes a baseline measure
of the financial capability of the Mexican adult population.
Chapter one describes the Mexican context and the rationale
fo... Show More +r the financial capability study. Chapter two describes
key findings related to daily money management and financial
planning behaviors and attitudes. Chapter three examines
decisions related to the use of financial products and level
of financial knowledge. Chapter four summarizes key
behaviors and attitudes into financial capability scores,
facilitating the creation of profiles and comparisons among
different segments of the population. Chapter five presents
international comparisons. Chapter six examines the
relationship between financial capability, financial
knowledge, and financial inclusion. Chapter seven provides
policy recommendations related to the key challenges to
financial capability identified in the report. Show Less -

This paper provides an overview of key
regulatory actions a government may implement to support
responsible lending. It covers a range of possible
interventions, in... Show More +cluding the provision of information,
developing consumers' ability to use that information,
formal requirements for responsible behavior of the lenders,
and regulatory limits for loans. Because the research on the
effectiveness of the responsible lending policies is
limited, the paper focuses on literature overview and
empirical evidence when available and uses case studies to
describe key policies. A regulator seeking to develop a
responsible lending framework must cover all areas of the
responsible lending regulatory and educational mix. No
single solution may be applied universally. The regulators
must ensure they understand the retail credit markets. The
paper identifies main policy options and areas for further
research. Better data on lending markets before and after
the rules are introduced and more detailed understanding of
consumer behavior helps in identifying effective regulatory
rules and supervisory actions that help ensure more
responsible lending while not limiting financial inclusion
and the growth of the credit market. Access to credit is
sometimes considered by national authorities a crucial
measure of financial inclusion. Low-income countries where
microfinance is a key contributor financial inclusion may
use similar measures. Show Less -

Several countries in Southern Africa
have enormous potential to expand trade and mutually benefit
from regional integration, and thus truly achieve
'growth without ... Show More +borders'. At the same time,
several African countries are adopting growth pole
strategies in order to deepen the economic linkages around
the development of their natural resources and improve their
competitiveness and connectivity to domestic and
international markets. This report stems from economic
sector work whose purpose was to identify potential growth
poles across Angola, Malawi, Mozambique, Zambia, and
Zimbabwe in three industries, agribusiness, mining, and
tourism, that might benefit from improved regional
integration. This report used geographic information systems
(GIS) to identify potential growth poles based on the
spatial distribution of foreign direct investment (FDI),
market connectivity, revenue sources, and other input
factors and then selected from that list those areas which
might benefit from regional cooperation. This report
provides background information, elaborates the concepts,
details the spatial analysis framework, selects specific
areas for a rapid assessment, summarizes findings, and
outlines future work. The overarching purpose is not to
explain or quantify the links between identified factors,
but rather to find spatial correlation between factors in
order to begin a discussion about defining a data driven way
of finding suitable regional growth poles. Show Less -

The political and social upheavals that
followed the Arab Spring of 2011 continue to dominate
economic activity and near term prospects in the Middle East
and North... Show More + Africa (MENA). Prior to the Arab Spring, aggregate
investment and foreign direct investment (FDI) flows to MENA
followed the rest of the world. This report shows that
political turbulence since the early 2000s has affected not
only the level of FDI in MENA, but also its composition. It
has skewed towards activities that create the least jobs or
that create jobs in non-resource tradable manufacturing and
services needed for export upgrading and diversification. By
hurting these efficiency-seeking investments, shocks to
political stability exacerbate the clustering of FDI in the
extractive industries and non-resource tradable sectors. The
findings of the report outline several policy challenges and
priorities. The report argues that MENA countries may find
themselves in a resource trap unless they strengthen
institutions and improve the investment climate, especially
political and macroeconomic stability. Protecting the rule
of law and property rights, and committing to stable and
transparent policies will encourage investment, especially
foreign investment in the labor-intensive non-oil
manufacturing and service sectors of MENA, and thus job
creation, growth, and structural transformation. Structural
reforms address privileged businesses, macroeconomic
imbalances, expensive subsidies, inadequate provision of
infrastructure services, problems with education, and poorly
functioning labor markets. These structural issues constrain
growth with grim consequences for the unemployment problem,
especially among youth and women. Achieving a consensus on
political reforms is a necessary pre-requisite for
sustainable, high growth in developing MENA. Show Less -

A fundamental challenge for Vietnam is
to improve the affordability and efficiency of
infrastructure investment. The fragmentation of public
infrastructure investme... Show More +nt results in duplication and waste,
and is a major underlying cause of investment inefficiency.
Bond issuance has been the most prominent form of debt
financing at the sub-national level. At the provincial
level, significant disconnects exist between total planned
investment needs in infrastructure, and the effective demand
for such investment. The success of any initiative to
improve the financing of municipal infrastructure in Vietnam
hinges on advances in the broader landscape of policy reform
as part of the country's long-term development. Meeting
these challenges requires a comprehensive approach that
addresses issues of governance, financing, and execution.
This report has been formulated with the objective of
informing the Government of Vietnam (GOV) on how the
financing framework for municipal infrastructure in the
country can be strengthened. It is based on an assessment of
the constraints and opportunities that sub-national
governments face in accessing financing for infrastructure
development. It also draws upon lessons and good practices
from international experience in this area, considering
their relevance for Vietnam. A set of recommendations and
implementable actions is provided, recognizing the broader
context of ongoing reforms that are needed on institutions,
incentives and the availability of information. Show Less -

This book is organized around three
overarching themes under which various topics are
aggregated. The first concerns human development and
resilience, and discusses... Show More + issues related to poverty,
education, health and social safety nets. This is the human
chapter, dealing with crucial areas that are central for the
successful development of individual Kenyans. The second
theme, growth and competitiveness, delves into the
structural issues that need attention for the economy to
grow and become more competitive in the international scene.
This section of the book discusses needs for infrastructure
investments and energy development, along with steps Kenya
needs to take to unleash its export potential. The third
theme, governance, addresses issues around strengthening
public financial management, improving transparency and
accountability, and consolidating judicial reform. Show Less -

Colombian authorities have made
financial inclusion a core element of the country's
socioeconomic development. The Central Bank of Colombia
(BRC) requested support ... Show More +from the World Bank to develop and
execute a nationally representative survey on financial
capability. This report covers the first nationally
representative study to detail the financial behavior,
attitudes, and knowledge that comprise financial capability.
One complementary national study is the annual Household
Financial Burden and Education Survey (IEFIC) jointly
undertaken by the BRC and the National Administrative
Department of Statistics (DANE). This report provides
insights on consumer behavior, attitudes, and knowledge
relevant to initiatives promoting financial education and
financial inclusion. Preliminary insights from this study
have been used in developing the National Strategy on Social
and Economic Policy (CONPES) document outlining the strategy
for financial education in Colombia. There is an ongoing
debate over measures that will codify a national financial
education strategy into law. This report has following four
objectives: (i) to provide empirical evidence on the
financial behavior, attitudes, and knowledge of the
Colombian population; (ii) to support the design of public
policies to enhance both knowledge about and the quality of
financial services; (iii) to highlight vulnerabilities and
gaps in particular segments of the population with the goal
of improving and focusing public policies and interventions
where they are most needed; and (iv) to provide a basis for
international comparison with other countries for which
these data are available. This report describes a baseline
measure of the financial capability of the Colombian adult
population and highlights key results from the first
national survey. This report is organized as follows:
chapter one gives introduction. Chapter two describes key
findings related to daily money management and financial
planning behaviors and attitudes. Chapter three examines
decisions related to the use of financial products and level
of financial knowledge. Chapter four summarizes key
behaviors and attitudes into financial capability scores,
facilitating the creation of profiles and comparisons among
different segments of the population. Chapter five presents
international comparisons. Chapter six examines the
relationship between financial capability, financial
knowledge, and financial inclusion. Chapter seven provides
policy recommendations related to the key challenges to
financial capability identified in the report. Show Less -

This 'Reforming Government Pay
Setting Practices' report is a response to a request
from the Polish Ministry of Finance (MOF) for technical
advice on Poland's syste... Show More +m of public sector pay. The
Ministry's primary aim is to contain the public sector
wage bill as part of an overall effort to reduce the fiscal
deficit. But the Ministry is also concerned with more
fundamental structural issues in the system of pay setting:
that individual pay levels for some positions may be higher
than is necessary to attract and retain qualified staff and,
in other cases, may be too low. And that the absence of
clear rules for job grading, pay setting, and promotion may
undermine staff morale. This initial report looks only at a
subset of public employees-the so-called budget sphere. This
includes all staff paid from the central government
budget-including central government civil servants and
military personnel-but excludes staff paid by local
governments. These include the majority of teachers and
medical personnel. A more detailed analysis of the wage
setting process looks at a subset of the budget sphere: only
civil servants. Note that the decision to focus on the civil
service was dictated by the resource constraints of this
study and the scarcity of data on public employment outside
the civil service. It does not imply that problems in the
civil service are more severe than elsewhere in the public
sector. The report focuses on three questions: (i) does the
system succeed in controlling the aggregate wage bill? (ii)
Are salaries high enough to attract and retain qualified
staff? And (iii) Is wage setting fair? Does it motivate staff? Show Less -

Financing projects and programs to
mitigate impacts of, and adapt to, the climate change is a
matter of necessity not choice. This green expenditure
policy note loo... Show More +ks at factors facilitating the access to
international financial instruments for Latin America and
the Caribbean (LAC) countries that support mitigation of and
adaptation to climate change. This policy note explores two
questions: (i) does the quality of government institutions
matter for enabling action aimed at mitigation or adaptation
to the climate change?; and (ii) what financial instruments
are available to governments in addition to own resources to
address climate change challenges? This policy note aims to
present them with advice on how to achieve greater access to
international financing or co-financing of projects
supporting renewable and alternative energy generation for
transport, agriculture, housing, preservation of unique
ecosystems, and other projects supporting sustainable
development. This policy note describes the climate
challenges facing the LAC region and then discusses the
various climate financing flows. It discusses the factors
affecting LAC countries' access to climate financing,
and how countries can apply to several of the principal
global and regional climate funds. The objective is to
disseminate knowledge that will help governments of all LAC
countries, and particularly finance ministries, understand
and access new climate funds and financing mechanisms. The
policy note consists of three parts: part one reviews the
global landscape of the climate change financing for
mitigation and adaptation and emerging trends, identifies
various financial instruments, and presents an overview of
the LAC's share of available finances from several
public financing sources, both bilateral and multilateral.
Part two reviews two case studies for Bolivia and El
Salvador that demonstrate how each of these countries
addresses environmental challenges through its policies,
institutional systems and involvement of the civil society.
Part three includes technical annexes, which represent a
compilation of technical information presenting main climate
change financial instruments. A list of global and
specialized climate funds of possible interest to LAC
countries appear in annex one. A complementary list of
climate finance instruments appears in annex two, in which
climate funds as well as financial tools are named,
described, and categorized according to their primary
purpose. A more detailed description of several of the
largest climate funds including when such funds were
founded, their purpose, and eligibility requirements are
presented in annex three. Annex four provides a step-by-step
description of how to apply to the largest climate funds.
Annex five lists the LAC projects that have been supported
by Global Environment Facility (GEF) by country. Show Less -

Sound legislative oversight of public
finances is crucial to ensure efficiency and effectiveness
of public spending. All national governments, and
particularly thos... Show More +e that are accountable to their citizens
through free elections and the voice of civil society, are
concerned with the efficiency and efficacy of public
finances. More broadly, well-functioning parliaments promote
good governance; enhance transparency and accountability,
including for public expenditures and their results; widen
public discourse on national priorities and options; and
build better partnerships between officials and
representatives and their electorate. In all this, those
among the citizenry with the least have the most to gain.
This report responds to a request from the Government of
Jamaica to review the structure and capacity of the
Parliament of Jamaica to undertake its constitutional role
with respect to oversight of the nation's public
finances. Jamaica's Parliament is the country's
supreme legislative body, consisting of an elected House of
Representatives and an appointed Senate (Upper House), as
well as the Queen or her representative, as the ceremonial
head, and the Governor General. The Government of Jamaica
has amended various legislations to adopt a Fiscal
Responsibility Framework (FRF). The FRF includes specific
fiscal targets as well as provisions to include the Ministry
of Finance (MOF) and public service control over
expenditures and lending. Show Less -

Afghanistan's resource base is
large and uniquely undeveloped. The country is endowed with
a wide range of minerals, from well-known assets in copper,
coal, iron or... Show More +e, gold and oil and gas, to more speculative
deposits in those minerals, as well as lithium and others.
In reality, the extractive industry can be both a blessing
and a curse, and is rarely transformative on its own.
Investments in Afghanistan will only reach maturity over the
long term, but some impact may be felt early. A
'resource corridor' is a development concept as
much as a geographic one. It provides a means to articulate
and integrate a sequence of actions. It is defined as
'a sequence of investments and actions to leverage a
large extractive industry investment in infrastructure,
goods and services, into viable economic development and
diversification along a specific geographic area'. In
Afghanistan, the Government has recognized the importance of
such an approach in the National and Regional Resource
Corridor Program (NRRCP), a National Priority Program (NPP).
While a resource corridor will not be a panacea, it can be a
powerful instrument to generate inclusive growth from a
sector that otherwise might be an enclave of isolated
activities. This will be particularly true if it complements
interventions in agriculture and agribusiness, the other
driver of growth in the coming decade. The remainder of this
note spells out the potential; the actions needed to realize
it; the scenarios for its development; and the resulting
short-medium-long term priorities. Show Less -

The overarching objective of the
resource growth corridor effort is to achieve inclusive,
integrated economic growth along geographic corridors by
leveraging very l... Show More +arge private sector anchor investments in
Afghanistan's mining sector. This objective has two
components: determine how to accelerate the proposed and
planned very large private sector anchor investments to
ensure that surrounding communities benefit from these
investments and that the revenue streams they generate
trigger inclusive growth; and leverage these investments to
generate additional growth. The overall World Bank strategy
is to orient incremental catalytic investment so as to
increase the public benefits from private investment. The
Afghan economy must find new sources of growth if continued
development and long-term stability are to be achieved.
Afghanistan's resources sector offers many
opportunities for economic development not found in other
areas of the economy. This report is about the roles the
rail sector can, and cannot, play in helping to leverage the
mineral resources of Afghanistan, and how railways can help
broaden and transform the economy. An important
consideration in thinking about railways in Afghanistan is
that the country had no railways until last year. The
railway spur that was extended from Uzbekistan towards
Mazar-i-Sharif was designed and built and is still operated
by Uzbekistan's national railway. Afghanistan has no
institutional or technical experience with railway
technology or regulation. The most pressing rail need for
Afghanistan's development of resource corridors is the:
a) commercialization of any railway, and b) the provision of
terminals and other facilities for local distribution of
wagonloads to industries and for transshipment between roads
and rail. Transshipment includes a small modern container
dry port. Commercialization includes the brokers, logistics
companies, railway sales and pricing staff, and a market
driven operations staff. Show Less -

The Public Financial Management
Performance Report (PFM-PR) is the first comprehensive
review of Myanmar PFM system. There is no recent history of
development partn... Show More +er engagement on PFM reform and little had
been understood about the status of the Government PFM
reform agenda. At the start of this work no prior
comprehensive diagnostic work had been carried out and there
was no dialogue on PFM between Government and development
partners. The objective of this report is to provide the
first comprehensive assessment of Myanmar's PFM system,
based on the Public Expenditure and Financial Accountability
(PEFA) PFM Performance Measurement Framework. The report
aims to: (i) establish an objective baseline measure of
current PFM conditions, highlighting areas of absolute and
relative strength and weakness; and (ii) suggest priority
areas for reform, taking into account the need to approach a
reform program in a sequenced manner based on institutional
capacity and the reform space. The assessment, and the
associated dialogue, provides support to the Government in
setting reform priorities. Show Less -

The Public Financial Management
Performance Report (PFM-PR) is the first comprehensive
review of Myanmar PFM system. There is no recent history of
development partn... Show More +er engagement on PFM reform and little had
been understood about the status of the Government PFM
reform agenda. At the start of this work no prior
comprehensive diagnostic work had been carried out and there
was no dialogue on PFM between Government and development
partners. The objective of this report is to provide the
first comprehensive assessment of Myanmar's PFM system,
based on the Public Expenditure and Financial Accountability
(PEFA) PFM Performance Measurement Framework. The report
aims to: (i) establish an objective baseline measure of
current PFM conditions, highlighting areas of absolute and
relative strength and weakness; and (ii) suggest priority
areas for reform, taking into account the need to approach a
reform program in a sequenced manner based on institutional
capacity and the reform space. The assessment, and the
associated dialogue, provides support to the Government in
setting reform priorities. Show Less -

This report examines the impact of the
financial crisis on privately funded pensions in the Europe
and Central Asia region. It describes their pension systems
and t... Show More +he impact of the crisis. It explores whether funded
private systems have a continuing role to play in meeting
the pension challenge. It then focuses on why the crisis led
to the changes that took place and the policy implications
of those changes. The report is structured as follows:
chapter one sets out the key facts. It describes the
original pension reforms and what the pension systems looked
like before the recent financial crisis. It then briefly
describes the global financial crisis and the changes that
were made to the private pension system as a result. A
companion paper sets out the longer and deeper historical
context in which these events occurred. Chapter two asks
what these facts tell about the role, if any, that privately
funded pension pillars have in a countrys overall pension
system. It argues that a funded second pillar mandatory
private pension has a role to play in a diversified approach
to meeting the pension challenge. A diversified approach
entails a mix of state and privately funded pensions as well
as pension and non-pension sources of income and consumption
in retirement. Chapters three and four build on the premise
that funded systems have a critical role to play as one part
of a diversified system. Chapter three highlights the
weaknesses in the mandatory funded schemes that were exposed
by the crisis. Chapter four describes policy responses to
these weaknesses. It sets out an agenda for change. The
report distinguishes between three main responses to the
crisis: reversals, which end mandatory funded private plans
by collapsing them back into the state pension system;
reductions (both permanent and temporary), which reduce
contributions to the privately funded systems but keep the
second pillar; and resolution, where countries have made no
adjustments to the privately funded pension system despite
the challenges of the crisis. Show Less -